Question: Check my workCheck My Work button is now enabled Item 15 ShipIt Corporation reported the following rounded amounts (in millions): 2016 2015 Accounts Receivable $

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Item 15

ShipIt Corporation reported the following rounded amounts (in millions):

2016 2015
Accounts Receivable $ 5,555 $ 5,260
Allowance for Doubtful Accounts (365 ) (370 )
Accounts Receivable, Net of Allowance $ 5,190 $ 4,890
Net Sales (assume all on credit) $ 44,000 $ 42,500

Required:

  1. Determine the receivables turnover ratio and days to collect for 2016.

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